Sales of existing U.S. homes increased a record 9.4 percent in September as Americans rushed to take advantage of a tax credit for first-time buyers before it expires in November. Purchases rose to a 5.57 million annual rate, higher than forecast and the highest in more than two years, the National Association of Realtors said recently in Washington.
InvestorCompsOnline.com continues to train our members to take advantage of this “surge” by training them to accurately valuate houses and keeping them informed on all the recent trends in the industry.
The September increase in combined sales of single-family homes and condominiums was the highest since comparable records began in’99. This is mostly in part due to REO deals. The amount of homes sold as foreclosures or otherwise distressed homes was 29 percent in September from 31 percent in August. REOGoldMiner.com has provided access to these homes for many of the InvestorCompsOnline.com members. At REOGoldMiner.com members can find and valuate these in demand REO deals with a simple click of a mouse.
InvestorCompsOnline.com’s research has indicated sales of existing single-family homes rose 9.4 percent, the largest gain since’86, to an annual rate of 4.89 million. Sales of condominiums and cooperatives rose 9.7 percent to a 680,000 rate.
Purchases of previously owned homes, which make up greater than 90 percent of the market, are tabulated after sales close and therefore reflect contracts signed a month or two earlier. Sales of newly built residences, which make up the rest, are counted when a contract is signed, and may therefore cool months prior to the tax credit expires. Buyers have to close before the Nov. 30 deadline to be eligible for the tax credit.
Many investors are praying for an extension of the tax credit to continue this increase in the market as last month’s sales were largely dependent on the tax credit.
Many Realtors’ groups are petitioning to extend the first-time homebuyers credit on concern desire will wane when it lapses. Many senators have begged their colleagues to extend the credit until next June.
Whether the tax credit is extended or not, InvestorCompsOnline.com and REOGoldminer.com provide the tools needed for our members to continue to take advantage of this unique market.
To have access to the lucrative REO deals available in this current real estate market visit REOGoldMiner.com and InvestorCompsOnline.com to receive the training necessary to remain successful in this current market. You are welcome to reprint this article – but get your own unique content version here.
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